Banking & Finance

Before the State Bank of Vietnam decided to increase the operating interest rate from October 25, Yuanta said the increase would negatively affect the valuation of stocks. However, bank stock valuations remain very attractive.

The Ministry of Finance’s plan on implementing the Public Debt Strategy to 2030, which has been approved by the Minister of Finance, outlines seven lists of tasks and projects, including a proposal to supplement and amend the Law on Public Debt Management in line with international practice. The 2030 public debt strategy sets a target that, by 2030, Vietnam’s public debt will not exceed 60 per cent of GDP, government debt will not exceed 50 per cent of GDP, and foreign debt will not exceed 45 per cent of GDP.

Mr. Alain Cany, President of the European Chamber of Commerce in Vietnam (EuroCham), told VnEconomy / VET that while devaluations of the VND have increased over the last two weeks, the currency remains strong, is improving, and is holding up better than many other currencies. The State Bank of Vietnam (SBV), he said, has been doing a good job.

Ho Chi Minh City’s budget revenue in 2023 has been forecast at about VND496 trillion ($20.6 billion). This figure is overwhelming for a city that has only recently overcome the Covid-19 pandemic. According to the Ministry of Finance, the city’s budget revenue in 2022 is estimated at VND427 trillion ($17.7 billion); the highest on record since the pandemic began.

The State Bank of Vietnam (SBV) increased the selling price of USD once more on October 24, from VND24,380 to VND24,870. The price has increased by a total of VND1,720 this year.

The State Bank of Vietnam (SBV) has decided to increase the refinancing interest rate, the rediscount rate, the ceiling interest rate for deposits under six months, and lending rates for priority sectors by 1 per cent. It also said it will closely monitor domestic and international market developments to quickly and flexibly manage monetary policy.